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Rverese calculator

Thu, 08 May 2008 15:14:18 GMT

clipped by: dsofwi
clipper's remarks: estimate of cash you can receive in a reverse mortgage

Reverse Mortgage Calculator

This calculator provides approximate estimates for two nationally available reverse mortgage programs. These estimates do not reflect local cost variables, are not an offer to make you a loan, do not qualify you to obtain a loan, and are not an official loan disclosure. AARP does not endorse any specific reverse mortgage product or lender.

How much cash could you get? To find out, answer these questions.

	Month	Year
1) When were you born? For example: type 5 for May.
	Month	Year
2) When was your spouse (or other co-owner) born? Leave blank if you are the only owner.
3) How much is your house worth? Type in your best guess.
4) What is your ZIP code? Just 5 digits, not ZIP+4.
Make your entries, then click

Because of the complex issues involved in reverse mortgages, AARP recommends that you read all the articles on this topic on this site before requesting counseling or making any decisions.

Tags: wisconsin reverse mortgage, dangers of reverse mortgages

3 dangers of reverse mortgages

Sat, 26 Apr 2008 00:24:01 GMT

clipped by: dsofwi

Clip Source: www.californiachronicle.com

3) Upkeep, Taxes and Insurance – On traditional mortgages your escrow payments are added to your payment but they are subtracted from your monthly check on a reverse mortgage. Most of the time you will be shown the monthly amount you will receive each month BEFORE the escrows are taken out. This means that you could sign up expecting to get $900 per month and only receive around $700. Make sure you are given the monthly payment LESS your escrow payment. Like most mortgages you will usually be given the option to escrow or not to escrow, however the bank has a vested interest in your home. Meaning if you do not maintain your insurance and taxes as they deem responsible they can call the loan or force an escrow account on you.

3 dangers of reverse mortgages

Sat, 26 Apr 2008 00:23:37 GMT

clipped by: dsofwi

Clip Source: www.californiachronicle.com

2) Cost and Interest Rates – At the inception of reverse mortgages they were almost exclusively offered with adjustable interest rates. Adjustable rates are still standard practice and you are almost certain to be offered this option to begin with. Don’t! There are fixed rate programs available now and at today’s rates adjustable rates are only going to go up in the future. It’s easy to be lured into an adjustable rate because lower interest rates in a reverse mortgage have higher monthly payments. If the interest rate increases your payment decreases, as does the time frame you have to draw on the mortgage. Just remember, adjustable interest rates are a gamble and Las Vegas wasn’t built on winners.

3 dangers of reverse mortgages

Sat, 26 Apr 2008 00:23:04 GMT

clipped by: dsofwi

Clip Source: www.californiachronicle.com

1) Repayment and Forfeiture – Most, if not all reverse mortgages will not require you to make payments or repay the loan for as long as you live. Once you pass on your heirs will have the opportunity to remortgage the debt or sell the house and repay the loan. If the home has equity above the amount owed to the bank your heirs will receive those proceeds. If the home is “upside down” your heirs have no obligation to repay the debt, but they will forfeit the home unless they pay the amount owed.

Reverse Mortgage Calculator

Wed, 19 Mar 2008 04:34:09 GMT

clipped by: dsofwi

Clip Source: www.rmaarp.com

How much cash could you get? To find out, answer these questions.

	Month	Year
1) When were you born? For example: type 5 for May.
	Month	Year
2) When was your spouse (or other co-owner) born? Leave blank if you are the only owner.
3) How much is your house worth? Type in your best guess.
4) What is your ZIP code? Just 5 digits, not ZIP+4.
Make your entries, then click

Because of the complex issues involved in reverse mortgages, AARP recommends that you read all the articles on this topic on this site before requesting counseling or making any decisions.